Information for the city of Anchorage
Anchorage's largest economic sectors include transportation, military, municipal, state and federal government, tourism, corporate headquarters (including regional headquarters for multinational corporations) and resource extraction. Large portions of the local economy depend on Anchorage's geographical location and surrounding natural resources. Anchorage's economy traditionally has seen steady growth, though not quite as rapid as many places in the lower 48 states. With the notable exception of a real estate related crash in the mid to late 1980s, which saw the failure of numerous financial institutions, it does not experience as much pain during economic downturns.The Ted Stevens Anchorage International Airport (TSAIA) is the world's third busiest airport for cargo traffic, surpassed only by Memphis and Hong Kong.
This traffic is strongly linked to Anchorage's location along ""great circle"" routes between Asia and the lower 48. In addition, the airport has an abundant supply of jet fuel from in state refineries located in North Pole and Kenai. This jet fuel is transported to the Port of Anchorage, then by rail or pipeline to the airport. Aerial view of the Port of Anchorage on Cook Inlet in 1999.The Port of Anchorage receives 95 percent of all goods destined for Alaska. Ships from Totem Ocean Trailer Express and Horizon Lines arrive twice weekly from the Port of Tacoma in Washington. Along with handling these activities, the port is a storage facility for jet fuel from Alaskan refineries, which is used at both TSAIA and Joint Base Elmendorf Richardson (JBER).The United States military used to have two large installations, Elmendorf Air Force Base and Fort Richardson, which originally stemmed from the branching off of the U.S. Air Force from the U.S. Army following World War II. In a cost cutting effort initiated by the 2005 BRAC proceedings, the bases were combined. JBER was created, which also incorporated Kulis Air National Guard Base near TSAIA. The combination of these three bases employ approximately 8,500 civilian and military personnel. These individuals along with their families comprise approximately ten percent of the local population. During the Cold War, Elmendorf became an important base due to its proximity to the Soviet Union, particularly as a command center for numerous forward air stations established throughout the western reaches of Alaska (most of which have since closed).While Juneau is the official state capital of Alaska, there are actually more state employees who reside in the Anchorage area. Approximately 6,800 state employees work in Anchorage compared to about 3,800 in Juneau.
The State of Alaska purchased the Center (which it renamed the Robert B. Atwood Building) to house most of its offices, after several decades of leasing space in the McKay Building (currently the McKinley Tower) and later the Frontier Building.From Anchorage people can easily head south to popular fishing locations on the Kenai Peninsula or north to locations such as Denali National Park and Fairbanks. Anchorage (officially called the Municipality of Anchorage) is a unified home rule municipality in the southcentral part of the U.S. state of Alaska. It is the northernmost city in the United States with more than 100,000 residents and the largest community in North America north of the 60th parallel. With an estimated 298,610 residents in 2012, it is Alaska's most populous city and contains more than 40 percent of the state's total population; among the 50 states, only New York has a higher percentage of residents who live in its most populous city. Altogether, the Anchorage metropolitan area, which combines Anchorage with the neighboring Matanuska Susitna Borough, had a population of 380,821 in 2012.
Anchorage has been named an All America City four times, in 1956, 1965, 1984 85, and 2002, by the National Civic League. It has also been named by Kiplinger as the most tax friendly city in the United States The Building in downtown Anchorage is the tallest building in Alaska, and exemplifies the importance of the petroleum industry in the State economy.The resource sector, mainly petroleum, is arguably Anchorage's most visible industry, with many high rises bearing the logos of large multinationals While field operations are centered on the Alaska North Slope and south of Anchorage around Cook Inlet, the majority of offices and administration are found in Anchorage. The headquarters building of , is located in downtown Anchorage. It is also the tallest building in Alaska. Many companies who provide oilfield support services are likewise headquartered outside of Anchorage but maintain a substantial presence in the city, most notably . The Reeve Building, at the corner of West Sixth Avenue and D Street, was spared the wrecking ball when the city block it sits on was cleared to make way for the 5th Avenue Mall, and was incorporated into the mall's structure. In 2013, named Anchorage among its list of Best Places for Business and Careers.Anchorage does not levy a sales tax. It does, however, charge a 12% bed tax and an 8% tax on car rentals.
Information for the state of Alaska
The 2007 gross state product was $44.9�billion, 45th in the nation. Its per capita personal income for 2007 was $40,042, ranking 15th in the nation. The oil and gas industry dominates the Alaskan economy, with more than 80% of the state's revenues derived from petroleum extraction. Alaska's main export product (excluding oil and natural gas) is seafood, primarily salmon, cod, Pollock and crab.
Agriculture represents only a fraction of the Alaskan economy. Agricultural production is primarily for consumption within the state and includes nursery stock, dairy products, vegetables, and livestock. Manufacturing is limited, with most foodstuffs and general goods imported from elsewhere. Employment is primarily in government and industries such as natural resource extraction, shipping, and transportation.
Military bases are a significant component of the economy in both Fairbanks and Anchorage. Federal subsidies are also an important part of the economy, allowing the state to keep taxes low. Its industrial outputs are crude petroleum, natural gas, coal, gold, precious metals, zinc and other mining, seafood processing, timber and wood products. There is also a growing service and tourism sector. Tourists have contributed to the economy by supporting local lodging.
If you did not have to wait for the cash flow to come in what would you do right now?
Factoring Companies Ak
Factoring is when a third party commercial finance company purchases the Invoices or Accounts Receivable from a business. -Factoring Companies Ak
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Bookkeeping Mistakes Commonly Made by Freight Brokers
It’s true that freight brokers shoulder a lot of responsibility; from matching shippers and carriers, to ensuring that each and every piece of cargo arrives at its proper destination. Freight brokers also have the added responsibility of accurate bookkeeping, because failure to prioritize bookkeeping can result in the loss of money.
Below we’ve listed some common bookkeeping mistakes made by freight brokers, and how to avoid them–
Handling the Accounting In-House
Many business owners try to save money by handling the books themselves, or perhaps delegating this very important task to a family member or an inexperienced employee. Sure, you may save time and money initially, but errors can be costly: when you attempt DIY accounting you could well end up with more expensive financing terms, higher bond premiums, or a number of other unforeseen expenses. It’s very important that you hire a competent bookkeeper because, not only will you save money, but you’ll know that the job will be done accurately, quicker, and more efficiently.
We understand only too well that running any business is time-consuming and hard work, and many freight brokers are simply too busy doing their day-to-day tasks to focus on bookkeeping tasks, such as the monthly reconciliation of credit card accounts and bank accounts. It’s through reconciling statements that you get a clear idea of how much credit or cash you actually have, and you can also pick up on any errors that may have occurred.
It can be so tempting to postpone this rather tedious task, but the truth is that your credit card statements and bank statements must be reconciled every month, preferably the moment each statement becomes available. In this way you’ll be able to identify any potential problems in a timely manner; problems such as lost checks, missing deposits, fraudulent charges, and so on.
Failing to Track Invoices and Receivables
You’re not going to get paid if you’re using poor accounting practices with your accounts receivable. Let’s face it, getting paid equals cash, and cash is the lifeblood of every business. An experienced freight broker understands that your cash flow can be strained by the delay between when you pay your carriers and when you receive payment from your customers. If you’re finding that tracking and collecting invoices is taking too long, why not consider invoice factoring? An invoice factoring company will purchase your invoices for a small fee, with the bonus being that you get paid immediately, plus you’re spared the time and expense of having to deal with collections.
Don’t Forget Liabilities
One of the major considerations a surety has when looking at your business financials in order to underwrite a bond is whether you have sufficient assets to cover your liabilities. Many times we see an inexperienced bookkeeper recording a liability, but when the payment is made they forget to reverse the liability. This is a serious error because it results in liabilities being overstated and net income being understated, which makes your business appear to be less financially secure than it really is. These serious errors can be avoided by employing the services of an experienced bookkeeper. We also recommend that you have another set of eyes (which may be an owner or a CPA) regularly review the balance sheet to check for unusual account balances
Too Many Expense Categories
Another common error we often see with inexperienced bookkeepers is creating too many expense categories, or miscategorizing expenses. Generally, most industries and businesses have a standard set of expense categories, and when a loan underwriter or surety sees too many categories, or the miscategorizing of expenses, it stands out like a big red flag. It tells them that your books are not well prepared. Use an accountant or experienced bookkeeper to correctly set up your accounting software right from the beginning, and don’t automatically add new expense categories unless careful consideration has been made. Remember to ask your accountant or CPA for advice, because they’ll be able to guide you on how to classify expenses.
Incomplete Information on Invoices
It’s very important that, when you invoice your customers, you provide sufficient detail on each line item. Do you invoice by weight, per piece, or per mile? Or is the charge a flat fee? If there are additional charges to invoice, such as reimbursements for fuel or fees, these should be listed as separate line items. In addition, these charges must be clearly and accurately detailed in order to avoid any confusion. When you send invoices to your customers that include clear and concise details, it prevents pushback from your clients. If there’s missing information on your invoices and your customers are confused by unrecognizable charges, it could well cause a delay in payment, which is the very last thing business owners need.
Not Understanding the Functionality of Accounting Software
Many freight brokers purchase an accounting software package because they’re anxious to get their business up and running, but they fail to learn how to use it correctly. This is probably not an issue if you’re already outsourcing your accounting and bookkeeping tasks; but if you’re using this software in any way at all, perhaps to enter checks and run reports, it’s important that you spend some time learning how to use all the available functions. When used correctly, the right accounting software can save you a lot of time, in addition to providing real-time information on the state of your business. It’s this information that helps you make important business decisions!
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